The Biden administration has decided to cut Intel’s much-anticipated CHIPS Act grant from $8.5 billion to less than $8 billion. The reduction follows a series of delays in Intel’s investments amid other struggles within the company.

The U.S. government plans to reduce Intel Corp's preliminary $8.5 billion federal chips grant to less than $8 billion, the New York Times reported on Sunday citing unnamed sources. The change took into account a $3 billion contract Intel had been offered to make chips for the Pentagon,